If you have an F&O loss of approximately £8 lakh on a turnover of £18 lakh, an audit is not legally required. However, you still need to ensure compliance with tax regulations. You can explore filing options such as presumptive taxation to manage your tax obligations effectively.
09 August 2020
Is audit necessary for f&o loss of about 8 lac with turnover of 18 lac. Intention is not to carry over the loss,but at the same time I want to be compliant with rules.